Introduction to Analyzing Business Transactions in Accounting
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Questions and Answers

Which of the following is included in a company's assets?

  • Interest owed (correct)
  • Accumulated profits
  • Accounts payable
  • General reserves

    • What is the accounting equation?

  • Assets - Liabilities = Owner's Equity
  • Assets = Liabilities + Owner's Equity (correct)
  • Assets = Liabilities - Owner's Equity
  • Assets + Liabilities = Owner's Equity

    • What does owner's equity represent?

  • Amount owed to the business owners
  • Amount owed by the business owners
  • Amount owned by the business owners (correct)
  • Amount owed to the company

    • What is the current value of owner's equity in Gio's Barber Shop?

    <p>$220,000</p> Signup and view all the answers

    What did Gio purchase for $20,000?

    <p>Chairs</p> Signup and view all the answers

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